We present a global sensitivity analysis that quantifies the impact of parameter uncertainty
on model outcomes. Specifically, we propose variance‐decomposition‐based Sobol'indices …

Digital platforms that run on blockchain technologies which offer products and services use
their own digital currency to settle transactions and rely on decentralized governance …

We study today's two-tier money creation and destruction system: Commercial banks create
bank deposits (privately created money) through loans to firms or asset purchases from the …

The current monetary system is the result of an evolution extending over several centuries.
How it compares to alternative systems forms a long-standing question. New technologies …

Forward guidance is widely considered a useful tool for improving monetary policy
transmission. This paper introduces endogenous Delphic guidance in which future policy …

We present a global sensitivity analysis that quantifies the impact of parameter uncertainty
on model outcomes. Specifically, we propose variance-decomposition-based Sobol'indices …

We outline how bank regulation and central bank reserves affect bank money creation, and
how an examination of this link can contribute to the understanding of inflation risks. We …

We examine how forward guidance can be designed when an economy faces a negative
natural real interest-rate shock and a subsequent supply shock. We use a standard New …